It's still a ridiculously involved process. CCC get some geek cred, and Cory gets his weekly Apple-GRAR on, but I don't see this being any sort of valid thread to the general consumer.
Half of iPhone users don't set any security at all. Their primary reason for not doing so is that entering a PIN several times a day is annoying. This works at least as well as setting a PIN and takes a fraction of the time to use, plus there's a bit of entertainment/novelty value. If it drives a higher number of consumers to actually start using some form of security, more's the better.